temasek holdings (private) limited

overview

Temasek Holdings is Singapore’s sovereign wealth fund and one of the world’s largest institutional investors, with S$484 billion (US$357 billion) net portfolio value as of March 31, 2025. Founded in 1974 to manage Singapore government’s equity holdings, Temasek has evolved from custodian of state assets into a global generational investor focused on long-term value creation. The fund invests across four structural trends - digitization, sustainable living, future of consumption, and longer lifespans - spanning technology, life sciences, financial services, telecommunications, media, consumer, real estate, transportation, and industrials. Temasek operates with a patient capital approach unconstrained by fund lifecycle, enabling multi-decade investment horizons. Unlike traditional sovereign wealth funds with diversified mandates, Temasek concentrates on thematic investing aligned to structural mega-trends. The organization has delivered 14% compound annual total shareholder return since 1974, positioning it among the world’s most successful long-term investors. In 2024-2025, Temasek significantly expanded AI infrastructure investments through the AI Infrastructure Partnership consortium, joining BlackRock, Microsoft, MGX, NVIDIA, and xAI to deploy up to $100 billion in data centers and supporting power infrastructure globally.

business model

Sovereign wealth fund operating as active investor and steward across public and private markets globally. Temasek’s business model encompasses three primary activities: (1) Direct Investments - taking significant stakes in established and emerging market leaders aligned to structural trends, including both listed and unlisted companies; (2) Portfolio Company Stewardship - actively engaging with portfolio companies to drive sustainable value creation through governance, strategic guidance, and operational improvements; (3) Platform Building - developing and scaling portfolio companies into market leaders (e.g., STT GDC data centers, Mapletree real estate). Revenue model derives from investment returns (dividends, capital appreciation, exits) rather than management fees. Temasek’s ‘T2030’ strategy targets balanced portfolio allocation across three segments: Singapore-based Temasek Portfolio Companies (TPCs) 40%, Global Direct Investments (GDIs) 40%, and Partnerships/Funds/Asset Management (PFAs) 20%. This structure enables flexibility across market cycles while maintaining concentrated exposure to high-conviction themes. Key differentiators: (1) Generational investment horizon unconstrained by fund termination dates, (2) Singapore government backing providing AAA credit rating and capital access, (3) Global network across 13 offices enabling local market insights, (4) Sustainability integration with net zero by 2050 commitment. Temasek does not guarantee Singapore government’s obligations nor does the government guarantee Temasek’s investments.

data center profile

global footprint

us portfolio (from database)

specialization

primary focus: hyperscale, ai-ml, colocation, wholesale

key differentiators:

• Singapore sovereign wealth backing providing patient, long-term capital

• Asia-Pacific data center expertise through STT GDC platform (170+ facilities)

• Global infrastructure investing track record spanning 50+ years

• Consortium-based investment model with BlackRock/GIP (infrastructure expertise), Microsoft/NVIDIA (technology alignment)

• Sustainability mandate with net zero by 2050 commitment and GenZero decarbonization platform

financial highlights

strategy

corporate strategy

Temasek’s T2030 strategy focuses on constructing a resilient, forward-looking portfolio positioned to capture opportunities arising from four structural trends: (1) Digitization - AI infrastructure, cloud computing, semiconductors, digital platforms driving technology transformation; (2) Sustainable Living - climate solutions, renewable energy, circular economy, net zero technologies; (3) Future of Consumption - evolving consumer preferences, healthcare innovation, life sciences; (4) Longer Lifespans - aging demographics, healthcare infrastructure, retirement solutions. The strategy aims to achieve sustainable returns above risk-adjusted cost of capital over long term while embedding sustainability at core. Unlike traditional sovereign wealth funds with diversified mandates, Temasek concentrates capital on thematic investing aligned to mega-trends cutting across sectors and geographies. From 2026, portfolio structured into three segments targeting 40:40:20 allocation: (1) Singapore-based Temasek Portfolio Companies (TPCs) - 40%: STT GDC, Mapletree, CapitaLand, DBS, Singtel, Singapore Airlines, PSA, Sembcorp, providing Singapore economic foundation; (2) Global Direct Investments (GDIs) - 40%: established and emerging market leaders worldwide aligned to structural trends; (3) Partnerships, Funds, Asset Management (PFAs) - 20%: co-investments with leading investors (BlackRock, KKR, Apollo), sector-focused funds, GenZero climate platform. This structure balances concentrated conviction positions with diversification across market cycles. AI infrastructure represents major strategic priority within digitization theme, evidenced by $30B+ US investment commitment (2024-2029) and AI Infrastructure Partnership consortium participation. Geographic strategy emphasizes US market expansion (24% portfolio allocation, up from 10% in 2014) while maintaining Singapore anchor (52% allocation) and selective Asia-Pacific exposure (China reduced to 18%, India increased to 8%). Sustainability integration throughout investment process with internal carbon pricing, portfolio emissions reduction targets (50% reduction by 2030 vs. 2010 baseline, net zero by 2050), and GenZero investment platform for climate solutions.

growth strategy

Temasek’s growth strategy combines organic portfolio company development with strategic acquisitions and consortium investments to scale exposure to structural trends. Key growth vectors: (1) AI Infrastructure Build-Out - deploy $30B+ over five years (2024-2029) in US AI ecosystem including data centers, semiconductors, power infrastructure, AI-enabled technologies. AI Infrastructure Partnership consortium represents cornerstone of this strategy, providing access to Microsoft/NVIDIA demand visibility, BlackRock/GIP infrastructure expertise, and co-investment capital. Post-Aligned acquisition, AIP consortium targets 100+ campuses and 10+ GW capacity by 2030, positioning Temasek among top-tier global data center owners. (2) Asia-Pacific Data Center Dominance - scale STT GDC platform through$1B+ fundraising, potential IPO, and geographic expansion. STT GDC currently operates 170+ facilities across 11 countries; target expansion into emerging markets (Indonesia, Philippines, Vietnam) and developed markets (Japan, Australia) capitalizing on Asia’s 40% share of global data center demand growth. (3) Vertical Integration - invest across AI value chain from chips (TSMC, semiconductor portfolio) to infrastructure (data centers, power) to applications (AI software, platforms). This full-stack approach captures value at multiple layers while providing strategic insights on technology evolution. (4) Power Infrastructure - address data center power constraints through renewable energy investments (solar, wind), battery storage, nuclear partnerships (potential SMR investments), and utility relationships. GE Vernova and NextEra Energy partnerships through AIP provide immediate access to power solutions ecosystem. (5) Geographic Expansion - increase Americas exposure from 24% (2025) to potential 30%+ by 2030, focusing on US as world’s largest AI market. Simultaneously expand Middle East presence through MGX partnership and African digital infrastructure through strategic platforms. (6) Portfolio Company Scaling - develop Singapore-based platforms (STT GDC, Mapletree, CapitaLand) into global champions through capital injection, M&A, international expansion. Mapletree and CapitaLand’s real estate expertise applicable to data center campus development and colocation facilities. (7) Climate Solutions Acceleration - GenZero platform targeting carbon markets, nature-based solutions, decarbonization technologies complementing data center investments with sustainable power solutions. Capital deployment strategy: S$26B annual investment pace (FY2024) expected to increase to S$30-40B annually (2025-2030) concentrated in AI infrastructure, healthcare, financial technology, and consumer. Balanced approach between controlling stakes in portfolio companies (40% Singapore TPCs) and minority growth capital (40% GDIs, 20% PFAs). Exit strategy through IPOs, strategic sales, and portfolio rebalancing generating S$24B annual divestments (FY2025) funding new investments.

power strategy

Recognize power availability and reliability as primary constraints on AI data center growth, requiring integrated energy strategy spanning generation, transmission, and renewable sources. Temasek’s power strategy leverages Singapore’s energy sector expertise (LNG, renewables, utilities) and global infrastructure investing track record to address AI infrastructure power demands. Multi-pronged approach: (1) Utility Partnerships - collaborate with power generators (NextEra Energy, GE Vernova through AIP consortium) to secure long-term power purchase agreements and dedicated generation for data center portfolios; (2) Renewable Energy Integration - align data center investments with sustainability commitments through 100% renewable energy procurement, on-site solar/wind generation, and battery storage; (3) Brownfield Development - support Aligned Data Centers’ strategy converting former coal plants (Conesville Ohio) into data center campuses, leveraging existing grid infrastructure and accelerating interconnection timelines; (4) Grid Infrastructure - invest in transmission upgrades, substations, and grid modernization enabling high-capacity power delivery to hyperscale facilities.

renewable commitment: Net zero portfolio by 2050 commitment with interim target: reduce portfolio emissions to 50% of 2010 levels by 2030. All data center investments must align with sustainability framework including renewable energy procurement and carbon reduction roadmaps. Aligned Data Centers portfolio (via AIP) includes 100% renewable energy operations and waterless cooling technologies. GenZero investment platform ($5B+ committed) focuses on technology-based climate solutions, nature-based carbon removal, and carbon ecosystem enablers supporting data center decarbonization. Internal carbon pricing mechanism embeds cost of carbon ($40-50 per ton CO2) in investment decisions, ensuring economic and environmental alignment.

major commitments

partnerships

power providers

technology partners

NVIDIA Corporation (AI Hardware / Consortium Partner) : AIP consortium co-investor providing GPU infrastructure expertise and demand visibility. NVIDIA’s participation ensures alignment between data center capacity buildout (Aligned’s DeltaFlow liquid cooling supporting 350+ kW racks) and GPU supply. Strategic partnership spanning infrastructure financing and AI workload optimization.

Cisco Systems (Networking / Consortium Partner) : AIP consortium technology partner collaborating on data center networking, infrastructure equipment, and connectivity solutions. Cisco providing networking architecture for hyperscale facilities supporting AI workloads.

financial partnerships

leadership

Dilhan Pillay Sandrasegara

Chief Executive Officer and Executive Director

Former Managing Partner of WongPartnership LLP (Singapore’s leading law firm) before joining Temasek in September 2010. Held multiple senior roles including Group Head for Investment, Portfolio Management and Enterprise Development before appointment as CEO of Temasek International (April 2019) and subsequently CEO of Temasek Holdings (October 2021). Succeeded Ho Ching (wife of Singapore PM Lee Hsien Loong) as CEO after her 18-year tenure delivering exceptional returns. Legal background provides governance expertise and corporate structuring capabilities valuable for complex investments and portfolio company development.

First external hire (non-government career path) to lead Temasek, signaling evolution from state asset manager to professional investment firm. Pillay’s appointment as CEO in 2021 coincided with strategic inflection point: US-China decoupling requiring portfolio rebalancing, AI infrastructure boom creating generational investment opportunity, sustainability imperative necessitating net zero transformation. Under Pillay’s leadership (2021-2025): Net portfolio value grew from S$381B to S$484B (+27%); Americas exposure increased to 24% from ~15% (US expansion strategy); AI Infrastructure Partnership consortium formed (2024); Aligned Data Centers acquisition ($40B, 2025); T2030 strategy execution with organizational restructuring into three segments. Legal expertise valuable for navigating complex regulatory environments (CFIUS reviews for US investments, Chinese regulatory scrutiny, data sovereignty issues) and structuring sophisticated transactions (consortium investments, joint ventures, portfolio company transformations).

Rohit Sipahimalani

Chief Investment Officer

Joined Temasek in 2008 as Head of Telecom, Media & Technology investments, appointed Co-Chief Investment Officer in 2012, assumed sole CIO role in January 2020. Prior to Temasek, spent 11 years at Morgan Stanley in Mumbai, Hong Kong, and Singapore, rising to Managing Director and Head of South East Asia Investment Banking. Deep technology sector expertise developed through TMT investing role (2008-2020) positions Sipahimalani to lead Temasek’s AI infrastructure and digitization strategy. Investment banking background provides M&A structuring capabilities, capital markets expertise, and transaction execution skills valuable for complex deals (Aligned acquisition, STT GDC fundraising).

Architect of Temasek’s portfolio rebalancing from China-centric exposure toward US technology and AI infrastructure. Sipahimalani’s investment philosophy emphasizes resilient portfolio construction withstanding market cycles while capturing structural trend opportunities. Public commentary on AI infrastructure: ‘Infrastructure was an asset class starved of capital, particularly around AI, and presents significant opportunities.’ Under Sipahimalani’s CIO tenure (2020-2025): Portfolio restructured with Americas rising to 24% (from 10% in 2014), China reduced to 18% (from 25%), emphasis on digitization structural trend with $30B+ US investment commitment. AI Infrastructure Partnership represents Sipahimalani’s strategic vision: combine sovereign wealth patient capital with BlackRock infrastructure expertise and Microsoft/NVIDIA demand visibility, enabling large-scale AI data center deployment. CIO role includes portfolio risk management critical for concentrated positions and emerging technology investments.

Jane Atherton

Head, North America

Joined Temasek in May 2017, based in New York as Head, North America. Leads team driving Temasek’s US expansion strategy and AI infrastructure investments including AI Infrastructure Partnership participation. Public spokesperson for US investment thesis and strategic rationale. Atherton’s appointment preceded major US portfolio scaling: Americas exposure grew from 10% (2014) to 22% (2024) to 24% (2025) under her leadership, now representing largest capital deployment region outside Singapore.

Key architect of Temasek’s US expansion and AI infrastructure strategy. Atherton’s July 2024 announcement of $30B US investment commitment over five years signaled strategic inflection point: recognizing US AI leadership, semiconductor dominance, and technology innovation concentration. Quote: ‘The US is at the forefront of AI development. Semiconductors are the backbone of modern technology, and data centers are critical infrastructure for the digital economy.’ Under Atherton’s North America leadership (2017-2025): Portfolio shifted from China-centric to US-centric; AI Infrastructure Partnership consortium participation secured; Aligned Data Centers acquisition structured; semiconductor investments expanded; healthcare and consumer portfolios built. New York office positioning provides access to capital markets, technology investors, and hyperscaler headquarters (Microsoft, Google, Meta East Coast operations). Atherton’s role critical for navigating US regulatory environment (CFIUS reviews for Singapore sovereign wealth investment in critical infrastructure), building relationships with US institutional investors (BlackRock, KKR, Apollo co-investment partnerships), and representing Temasek to US stakeholders.

competitive position

Temasek ranks among world’s top 10 sovereign wealth funds by AUM (S$484B / US$357B) and represents leading Asia-Pacific institutional investor in AI infrastructure. Competitive positioning: (1) Global Sovereign Wealth Funds - Temasek compares to Norway GPFG ($1.7T, largest globally), Abu Dhabi ADIA ($900B+), Kuwait Investment Authority ($800B+), Singapore GIC ($770B), China Investment Corporation ($1.4T), Saudi PIF ($700B+). Temasek differentiates through concentrated thematic investing (digitization, sustainable living, consumption, longevity) versus diversified mandates, active ownership versus passive indexing, and generational investment horizon. (2) AI Infrastructure Investors - Through AIP consortium, Temasek positioned among top-tier data center owners alongside Blackstone ($80B+ DC assets via QTS, AirTrunk), DigitalBridge ($96-106B digital infrastructure AUM), Brookfield (infrastructure giant), KKR (CyrusOne owner). Aligned acquisition ($40B) instantly elevates Temasek to hyperscale data center platform status. (3) Asia-Pacific Data Centers - STT GDC (170+ facilities) positions Temasek as dominant Asia-Pacific operator versus Equinix (regional leader), Digital Realty, ST Telemedia, AirTrunk (Blackstone-owned). (4) Consortium Leadership - AIP structure (BlackRock/GIP + sovereign wealth + hyperscalers + technology) represents innovative model potentially replicated across infrastructure sectors. Temasek’s financial anchor role leverages sovereign wealth credibility and patient capital advantages. Key differentiators: (1) Generational Investment Horizon - unconstrained by fund lifecycle (10-12 year PE funds) enabling permanent capital and multi-decade holdings; (2) Singapore Government Backing - AAA-equivalent credit rating, policy stability, rule of law supporting long-term investments; (3) Asia-Pacific Network - 50-year regional presence and government relationships unavailable to Western investors; (4) Sustainability Integration - net zero by 2050 commitment and GenZero platform ahead of most institutional investors; (5) Portfolio Company Development - capabilities transforming companies into market leaders (STT GDC scaled into Asia leader, Mapletree/CapitaLand global real estate platforms); (6) Full-Stack AI Exposure - investments spanning semiconductors (supply chain) to infrastructure (data centers, power) to applications (AI software) providing unique insights. Market share in global data center infrastructure: Temasek’s ~5 GW through AIP/Aligned represents approximately 2-3% of global data center capacity (200+ GW installed, 20+ GW annual additions), positioning among top 10 owners. Asia-Pacific market share via STT GDC estimated 8-10% of regional capacity. Competitive dynamics: Temasek faces intense competition from Blackstone (QTS, AirTrunk acquisitions demonstrating aggressive data center strategy), DigitalBridge (digital infrastructure specialist with operating expertise), Brookfield (infrastructure scale and capital), other sovereign wealth funds pursuing AI infrastructure (Saudi PIF, Abu Dhabi ADIA/Mubadala/MGX, Norway GPFG). Hyperscaler self-build versus third-party lease decisions represent critical competitive variable: if Microsoft/Google/Meta/AWS shift toward owned infrastructure, demand for third-party data centers diminishes regardless of Temasek’s capital and capabilities.

strengths

• Singapore sovereign wealth backing providing AAA-equivalent credit, policy stability, and long-term capital access

• Generational investment horizon (unconstrained by fund lifecycle) enabling permanent capital and patient development timelines

• S$484B ($357B) AUM providing scale for large transactions (Aligned $40B,$30B US commitment)

• 50-year track record: 14% compound annual TSR since 1974 demonstrating consistent value creation

• Asia-Pacific dominance: STT GDC platform (170+ facilities), regional government relationships, market expertise

opportunities

• Massive AI infrastructure build-out: 20+ GW annual global data center capacity additions, $600B+ annual investment, multi-year runway

• US market expansion: $30B investment commitment (2024-2029), Americas 24% portfolio allocation increasing, world’s largest AI ecosystem

• STT GDC scaling: $1B+ fundraising, potential IPO, geographic expansion (emerging Asia markets, Japan, Australia)

• Vertical integration: invest across AI value chain from chips to data centers to power to applications capturing multiple layers

• Power infrastructure: address data center constraints through renewables, battery storage, nuclear SMRs, utility partnerships

threats

• Hyperscaler self-build pivot: Microsoft/Google/Meta/AWS owning infrastructure more economical than third-party leasing, reducing demand

• US-China decoupling: geopolitical tensions requiring portfolio rebalancing, limiting China investment options, complicating global strategy

• CFIUS and regulatory barriers: foreign government ownership restrictions in US critical infrastructure limiting investment universe

• AI demand cyclicality: if AI investment slows or technology plateau occurs, data center demand and valuations crater

• Power supply constraints: inability to secure multi-gigawatt power capacity limiting data center deployment despite capital availability

sources

• Temasek Holdings - Official Website

• Temasek Holdings (2025-10-15)

• Temasek Review 2025: Sense, Adapt, Thrive

• Temasek Holdings (2025-07-09)

• Our T2030 Strategy - Temasek

• Temasek Holdings (2025)

• Towards Net Zero, Nature Positive, and Inclusive Growth - Temasek

• Temasek Holdings (2025)

• AI Infrastructure Partnership (AIP), MGX, and BlackRock’s Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers

• Business Wire (2025-10-15)

• Temasek and KIA join AI infrastructure investment consortium

• Asia Asset Management (2025-06-13)

• Temasek joins Microsoft, BlackRock and MGX to develop AI infrastructure

• Yahoo Finance (2025-06-12)

• Temasek joins Microsoft, BlackRock to develop AI infra

• RCR Wireless (2025-06-13)

• Temasek’s portfolio scales new peak even as divestments hit over 2-decade high

• CNBC (2025-07-09)

• Singapore’s Temasek to Invest $30 Billion in US AI, Semiconductors, and Data Centers

• W.Media (2024-07-29)